Large Cup Pattern Breakout in Lloyds Engineering Works Ltd

This daily chart is displaying a strong rounding bottom / cup breakout setup after a long consolidation and correction phase. Technical Structure Stock corrected significantly from earlier highs near ₹70. After months of consolidation, price formed a rounded accumulation structure. Strong recovery from ₹38–₹40 zone indicates demand absorption. Price is now testing the major resistance zone near ₹70. The current structure suggests a potential transition from accumulation to expansion phase. A decisive close above this zone can trigger a fresh momentum leg. Potential Upside Projection Approximate cup depth: Resistance ≈ ₹70 Bottom ≈ ₹40 Measured move target: 70+(70−40)=10070 + (70-40) = 10070+(70−40)=100 This projects a broader medium-term target zone near ₹95–₹100 if breakout sustains. Bullish Signals Rounded accumulation structure. Strong momentum candles into resistance. Higher highs and higher lows visible from April onward. Price reclaiming prior supply zone with strength. Important Levels Immediate Resistance: ₹70 Breakout Confirmation: Sustained daily/weekly close above ₹70 Support Zone: ₹60–₹62 Major Swing Support: ₹52–₹55 Trading Interpretation Aggressive traders may track momentum continuation above ₹70. Conservative traders may wait for breakout + retest confirmation. Volume expansion near breakout would strengthen conviction further. If the stock sustains above the breakout region, the probability of a rapid trending move increases substantially due to the long base formation.